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Discover Bank checking account

Discover sign.
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Discover Bank offers a Cashback Debit online checking account that pays 1 percent cash back on up to $3,000 in monthly debit card purchases. There are no fees, not even for nonsufficient funds (NSF). It also doesn’t require a minimum deposit. As an online bank, Discover has a user-friendly website for managing the Cashback Debit account. Its mobile app is rated highly in the Google Play and Apple App stores. Discover is a member of the AllPoint and MoneyPass ATM networks, giving customers access to over 60,000 fee-free ATMs.

The account is best suited for consumers who are comfortable banking online and prefer making purchases with a debit card. Overall, Discover earned 4.8 out of 5 stars in Bankrate’s 2022 review of the bank and 5 out of 5 stars for its checking account.

Discover’s checking account

Discover’s checking account offering includes:

Account name APY Minimum deposit Monthly fee
Cashback Debit Account None None $0

Note: Annual percentage yield (APY) shown is as of March 9, 2022.

Here are more details about the account’s offerings.

Discover Cashback Debit Account

The Cashback Debit account is Discover’s checking account. As the name suggests, you’ll get cash back on eligible purchases made with your debit card. It can be a worthwhile reward if you put the majority of your spending on a debit card. Each month, account holders are eligible to receive 1 percent cash back on up to $3,000 in debit card purchases, for a possible total cash back of $360 in a year.

Discover operates mostly online but offers access to more than 60,000 no-fee ATMs across the country. It also offers 24/7 customer service over the phone.

The Discover app helps users manage their account on the go, enabling them to get account information, freeze their debit cards, deposit checks, withdraw cash, set up travel notifications and more.

Discover Cashback Debit Account fees

Fees play an important role when shopping for a checking account. NSF fees, charges for not meeting a minimum balance or replacing your debit card can cut into your balance. The Discover Cashback Debit has no monthly maintenance fees, standard check fees, NSF fees, stop payment fees and more. Discover does charge $30 for each outgoing wire transfer sent from your account. Account holders might also run into ATM fees if they don’t use one of the 60,000 fee-free ATMs in the Allpoint and MoneyPass networks.

To expand your search for no-fee accounts, check Bankrate’s list of the best free checking accounts.

Discover Cashback Debit Account promotions and bonuses

Discover offers no sign-up cash bonus to spur customers to open accounts, but it does offer 1 percent cash back on debit-card purchases. Using the debit card for everyday purchases could earn account holders up to $360 in cash back annually — without having to open a credit card.

Alternatives to Discover Cashback Debit Account

The 1 percent cash back feature of the Discover Cashback Debit online checking account is a significant advantage of the account. Some consumers, however, prefer to reap rewards with credit cards that offer travel rewards or even more than 1 percent cash back.

Another option to consider is an interest-bearing checking account. Play your cards right and you can earn interest on your checking account funds while also reaping rewards on your spending with the right credit card.

If you are looking for a bank that can service your account in person, then Discover isn’t a great fit. You may want to consider larger banks with a widespread branch presence such as Bank of America or Wells Fargo. But you will likely pay more fees and not get cash-back options.

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Written by
René Bennett
Banking writer
René Bennett is a writer for Bankrate, reporting on banking products and personal finance.
Edited by
Wealth editor